Robinhood Criticized For Trade Restrictions On Certain Companies
Stock-trading app said it restricted trading on shorted companies like Gamestop "in light of current market volatility."
The stock-trading app Robinhood is under fire after restricting trading of some companies – sending their stocks plummeting.
It all began when users on the discussion website Reddit sparked a frenzy of investing in companies that were being shorted, resulting in massive losses for hedge funds who had bet millions against the companies to fail.
Companies like GameStop, AMC Entertainment and Blackberry saw their stocks skyrocket before Robinhood put limits on trading, forcing the stocks back down.
Now, lawmakers on both sides of the aisle and Robinhood users alike are calling out the company's activities with some even filing lawsuits.
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